Kochi: The Enforcement Directorate is keeping close tabs on the financial transactions of the racket behind the alleged Rs 50-crore fraud perpetrated in the name of importing foreign-made liquor. The transactions of two female business partners of two film producers reportedly involved in duping at least 10 people are under the scrutiny of the central agency.
As reported earlier, the scamsters lured their targets after offering to pay twice the amount they would be handing over to clear confiscated liquor consignment imported from Europe.
The two women had made transactions via a foreign bank apparently for the import. The ED officers have found evidence of investments made to the tune of crores of rupees in a Mexican bank account from their bank accounts. These deposits were made in 12 instances over four years. Pointing to likely financial crime, the investors have not submitted to the bank, the invoice of the liquor claimed to be imported.
Though the preliminary estimates indicate Rs 50 crore was garnered from gullible victims, investigators suspect that the accused have likely amassed twice the amount as black money as not all who were defrauded could have come forward with a complaint.
The deal
The two women, who head a foreign liquor import firm, had made the film producers partners in their business by assuring them double their investments within 60 days. The latter later roped in those interested in the deal.
The fraud was reportedly carried out by showing pictures of foreign liquor worth Rs 5 crore imported from Belgium and Bulgaria. The targets were told the consignment was stored in the custom godowns in Bengaluru and Thiruvananthapuram after they were seized over non-payment of Rs 7.8 crore duty. They were promised double the amount they would be paying to release the liquor from the customs custody as Rs 24 crore could be later raised from the domestic market by selling the freed stock.
The racket then amassed more money using their contacts.
Likely sum
Eyeing huge profits, those acquainted with film producers were ready to make huge investments and the accused likely mobilised over Rs 7.80 crore.
But the liquor importers made no move to release the foreign stuff that was seized by the customs. They cheated more people even while the consignment remained at the customs godown.
The money raised was transferred to the Mexican bank account. The black money was reportedly used in the production of Malayalam and Tamil films and also to lead luxurious lives.
It is suspected that the amount amassed as black money was smuggled overseas through hawala channels.
The police have also collected the travel records of the accused for their visits to Belgium and Bulgaria.
The expose
The investigation into the scam was ordered following a complaint received directly at the office of Kerala Police chief Loknath Behera. The initial complaint was filed by Chalakudy native Midhun Ittoop who paid Rs 3 crore believing in the offer. The DGP immediately ordered a probe into it and the ED also stepped in.
Meanwhile, others who were cheated after transferring money in the range of Rs 85 lakh to Rs 5 crore to their bank accounts, also approached the police with complaints.
It is also alleged the victims were dissuaded from approaching the police with complaints after women operatives in the gang threatened to file sexual offence cases.
The case is being probed by the Kochi city police.
Tricolour misused
The accused reportedly misused the Indian tricolour for the liquor business. The probe team found photos of the accused holding the tricolour while standing in front of the lorry with cartons of foreign liquor to be shipped to India from a distillery in Belgium. This photo was used to prove the influence the accused had over the foreign distillery company.
Photos of the expensive liquor stored at the distillery in Belgium were also used by the accused to convince the victims.